by Sarah Ashton, Broker Associate
Ashton Kirchner Group, Keller Williams Realty
You are getting close to the finish line and getting excited about closing on your new Island property. The price negotiations are behind you. The “how am I going to pay for this?” questions are answered. The inspection negotiations and repair decisions are behind you. Closing on the property is all that’s left but don’t let your guard down now!
Sometimes I have seen buyers forego the pre-closing walk through of a property, primarily because they weren’t in town for the closing. Mail away closings are common however that should not prevent a buyer from getting a final look at the property before the closing funds go to the seller. Virtual showings of property can be arranged for walk-throughs too! All too often items do come up on the day before closing and need to be addressed before closing funds are disbursed.
Appliances, including Air Conditioners and Hot Water Heaters, can decide to stop working or leak. It is an all too common story to walk in on the day of closing to find the AC not cooling. An “emergency” call to the AC company to come out and get it working again has been known to happen.
Leaks also seem to happen at inopportune times. This can be particularly tricky in Condo units as the leak may not originate in that unit but from an adjacent unit. The repair of the leak may be someone else’s expense however the repairs to the walls or ceiling usually falls to the condo unit owner – so more negotiation and a last minute addendum may need to be written.
The really tricky walk through discussion occurs when a fixture – think chandelier or wall mounted tv or appliance – or a furniture item, is missing and there was an understanding, hopefully in writing, that the item or items would be in place for the new owner. This can be a simple mis-understanding that is resolved by a credit to the buyer or returning the item or it can be a challenging negotiation where both buyer and seller want the specific item. In any case, whether buyer or seller, be specific about what is staying and going and get it in writing.
At the end of the day, both parties want the closing to happen. Do the final walk-through in person or virtually, with your agent. The truth is that until the final funds are disbursed, you need to stay engaged.